The exchange’s core trading platform, provided by Estonian firm Percival, consists of two integrated systems: DEPEND, which manages registrant and shareholder records, and REVENUE, a proprietary trading engine developed with input from the BSE. “So, the systems are tightly coupled. When we trade, it allows the registrar and transfer agent software, DEPEND, to move securities from the seller to the buyer when trades occur. So, it is a seamless, tightly coupled system,”Yarde clarifies, explaining how these platforms work in tandem to achieve results. The Barbados Stock Exchange has also explored blockchain technology as a potential tool for trading security tokens. Although its rules allow it to do so, the regulatory complexities involved have led the exchange to take a cautious approach. In the meantime, the BSE continues to focus on integrating technological solutions that enhance efficiency with as little regulatory red tape as possible. Lastly, the Financial Services Commission (FSC) regulates the BSE, to ensure adherence to international best practices. As our primary regulator, the FSC oversees listed companies and brokers while maintaining alignment with global regulatory standards like those set by the International Organization of Securities Commissions (IOSCO). This commitment to transparency, investor protection, and systemic risk reduction is why the BSE is so well received and trusted in both regional and global markets. TECHNOLOGY AND PARTNERSHIPS AT THE CORE OF OPERATIONS The BSE has embraced technology as a driving force behind its operational efficiency and market competitiveness. As a fully electronic exchange, brokers trade remotely using a secure VPN connection, eliminating the need for physical trading floors. 32 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
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